Part I

Air traffic
Chapter II

Transfer schemes

Extinguishment of liabilities

Securities: other provisions
59
1
If a security is issued to a company in pursuance of section 49 or 58, for the purposes of its statutory accounts the value of the security when issued must be taken to have been equal to—
a
its nominal value (if it is a share);
b
the principal sum payable under it (if it is a debenture).
2
The nominal value or principal sum mentioned above must be taken to be accumulated realised profits for the purposes of the company’s statutory accounts.
3
If a direction under section 49 or 58 requires a company to issue a debenture the direction may specify—
a
the principal sum payable under the debenture;
b
the terms as to the payment of the principal sum;
c
the terms as to the payment of interest on the principal sum.
4
The principal sum payable under the debenture, and the terms as to the payment of it and of interest on it, must be taken to be those so specified.
5
Statutory accounts are accounts prepared by a company for the purpose of any provision of the Companies Act 1985 or the Companies (Northern Ireland) Order 1986 (including group accounts).
1985 c. 6.
S.I. 1986/1032 (N.I. 6).